Trésorier/Treasurer magazine - N°94 - Juil/Août/Sept 2016 - (Page 61)

The Risk Observatory Solvay BS, ULB Hugues Pirotte Besides the content of the incriminations, this is one Long seen as one of the more example of the latitude ultimate sovereign rights that global law addresses, i.e. left to the members of the not only national and interEU, the international tax national public law focusing practice is being revamped on territorial jurisdictions, but through the BEPS proalso regulatory requirements, programmes of internatiogramme left to the OECD. nal organisations such as the OECD, the G20, the BIS, and the like. Step by step, little by little, they are reshaping the global legal landscape and are reframing the competitiveness of countries and their actors. Long seen as one of the ultimate sovereign rights left to the members of the EU, the international tax practice is being revamped through the BEPS programme left to the OECD, for example. Debates tend to go around the way these "frameworks" will be implemented, about their parameterization somehow. But the truth is, they don't stem necessarily from the same doctrine and philosophy underlying our own legal framework, just as civil law systems differ from common law systems. - JUL N°94 Now, beyond the debate on their well-groundedness, we risk facing overlaps, contradictions and thus exposures. For example, the British Standard Institute has issued the standard BS 10500, Standards Australia (SA) has its own AS 8001-2008 and we can also now claim allegiance to ISO 37001. And this is just for anti-corruption frameworks. Should you be compliant to all of them? Well, a zero-risk policy should imply "yes". But because of inconsistencies, this might prove difficult. Thus, probably identify the stricter one or the one with the widest reach and claim that at least this shows sufficient conformism. Compliance, the definition Compliance...fact of complying. Not very deep. Comply...adhere to standards, rules, requirements. Adherence...Looks like you had the choice. Conforming. Sounds like a duty. In a rule-based system, conformity to rules can lead to conformism, in the bad sense of the word. Just do what is requested. Don't dare thinking any further. Many frameworks are today more principle-oriented. Even if you obey to the rule, knowing that conformity was not precluding the issue from arriving can make you still guilty by omission. This leads to an interesting paradox. Insider trading is using confidential information you should not even know, possess, or use for your own benefit1 . But today, we see more and more financial cases brought by investors to the courts for not reacting to "new" information. The good, the bad, and the ugly... On the good side, compliance and the creation of meta institutions above local politics aim at creating a common-level playing ground and can force sudden evolutions in cases where we would probably see no change unless a revolution would take place. The development of those international frameworks can thus be - This brings us to the definition of compliance...lawyers love definitions. LE MAGAZINE DU TRESORIER / TREASURER MAGAZINE Recently in May, the second annual Brussels Global Law Week took place and held its annual conference together with the Finance Club of Brussels on "Compliance of Risk Management" or "Risk Management of Compliance"... The panel included among others Michael Julian, (new) Chief Compliance Officer at Alstom Transport, a company that had to face a settlement of $772 million by the end of 2014 for bribery abroad, number two of an FCPA list between Siemens and Halliburton. Many other firms follow, and by far not necessarily American. As Prof. Lewkowicz pointed it out, Siemens hired 300 lawyers, conducted 2'550 interviews, searched 82 million documents, examined 38 million transactions, 10 million bank accounts and it costed a total of internal costs of €550 million on top of the settlement of $800 million. / AUG / SEP 2016 Compliance...forever. 1. Important nuances exist from a country to another. 61

Table of Contents for the Digital Edition of Trésorier/Treasurer magazine - N°94 - Juil/Août/Sept 2016

Cover
Table of contents
EDITORIAL
FINANCIAL HIGHLIGHTS Luxembourg Tax News
INTERVIEW Philippe Gelis - Kantox - Fintech and the future of banks
FOCUS
Lost in transformation
Everything has a price – a transfer price
Treasury Survey - an unprecedented picture of treasury activities in Luxembourg
FORUM
The impact of negative rates on Treasury and Risks Management Systems
Towards reporting harmonisation?
Understanding the Treasury impact of BEPS
Impacts of Single Resolution Mechanism and Bail-in for European Banks
Supply chain? Not concerned?
Collateral management and the Corporate Treasury function.
Efficiently Managing Cross-Border Payments in Turbulent Times
CORPORATE FINANCE
How Mid-Market Companies Can Efficiently Manage Enterprise-wide FX Risk as they Grow
Investing surplus cash in repos
A wind of technology changes in the treasury management world
Invoicing can be fun….?
Comment améliorer la performance des fonds de pension européens
15 MINUTES WITH O2Finance
THE FINANCIAL RISK OBSERVATORY
NEWS
LIFE BEYOND NUMBERS

Trésorier/Treasurer magazine - N°94 - Juil/Août/Sept 2016